This is inside the Cimpl::MuteMasterBus method which makes me wonder why it's being called.
Either way, please set the audio logging cvar in system.cfg as well and post the corresponding log file.
s_AudioLoggingOptions = abc

I think you need to use FMOD Studio 1.09. Not 1.10.04. It depends on what FMOD SDK the engine is built for. I had to downgrade too. FMOD Studio 1.10 was released after 5.4 came out. I think the upcoming CRYENGINE 5.5 will have FMOD Studio 1.10 support.